Star Videos, Incorporated, produces short musical videos for sale to retail outlets. The company's balance sneet accounts ds of January $1$ are given below.

Because the videos differ in length and in complexity of production, the company uses a job$-$order costing system to determine the cost of each video produced. Studio $($manufacturing$)$ overhead is charged to videos on the basis of camera$-$hours of activity. The company's predetermined overhead rate for the year $($ $$40$ per camera$-$hour$)$ is based on a cost formula that estimated $$280,000$ in manufacturing overhead for an estimated allocation base of $7,000$ camera$-$hours. Any underapplied or overapplied overhead is closed to cost of goods sold. The following transactions were recorded for the year:

a$.$ Film, costumes, and similar raw materials purchased on account, $$219,000.$

b$.$ Film, costumes, and other raw materials issued to production, of this material was considered direct to the videos in production, and the other $15\%$ was considered indirect$).$

c$.$ Utility costs incurred $($on account$)$ in the production studio, $$81,600.$

d$.$ Depreciation recorded on the studio, cameras, and other equipment, $$94,800.$ Three$-$fourths of this depreciation related to actual production of the videos, and the remainder related to equipment used in marketing and administration.

e$.$ Advertising expense incurred $($on account$),$ $$144,000.$

f$.$ Salaries and wages paid in cash as follows:

er $03$ Problems $($i$)$

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Direct labor $($actors and directors$)$

Indirect labor $($carpenters to build sets, costume designers, and so forth$)$

Administrative salaries

$$89,400$

$$92,000$

$$111,600$

g$.$ Prepaid insurance expired during the year, $$10,950(70\%$ related to production of videos, and $30\%$ related to marketing and administrative activities$).$

h$.$ Miscellaneous marketing and administrative expenses incurred $($on account$),$ $$13,850.$

i$.$ Studio $($manufacturing$)$ overhead was applied to videos in production. The company recorded $7,250$ camera$-$hours of activity during the year.

j$.$ Videos that cost $$562,000$ to produce according to their job cost sheets were transferred to the finished videos warehouse to await sale and shipment.

k$.$ Sales for the year totaled $$1,126,000$ and were all on account.

I. The total cost to produce the videos that were sold according to their job cost sheets was $$606,790.$

m$.$ Collections from customers during the year totaled $$1,076,000.$

n$.$ Payments to suppliers on account during the year, $$522,000.$

o$.$ Underapplied or overapplied overhead $ $?$

Required:

Prepare a transaction analysis that records all of the above transactions.

Prepare a schedule of cost of goods manufactured for the year.

Prepare a schedule of cost of goods sold for the year.

Prepare an income statement for the year.

Complete this question by entering your answers in the tabs below.

Required $1$

Required $2$

Required $4$

Prepare a schedule of cost of goods sold for the year.

$\backslash$table$[[$Star Videos, Incorporated$],[$Schedule of Cost of Goods Sold$],[$For the Year Ended December $31],[$Adjusted cost of goods sold$]]$